So we've been active in doing that. That will mean that you only have maybe a couple of hundred million dollars of net debt, plus you have a U.S. Virgin Islands big receivable that's getting paid, albeit slowly that's on there. Importantly, we still see plenty of opportunity to further expand margins and deliver on our long-term financial objectives. So first of all, in the first half of the year, we had within our guidance, we had predicted a number of the items that have impacted cash flow. It came through significant investments. Second, when conditions normalize, we will look to return substantially all available excess capital to our stockholders. Most major global metros have instituted shelter-in-place orders and halted nonessential activities, including nonessential construction. And we're going to be focused on maintaining a comfortable liquidity position until we can create confidence that the market conditions are going to stabilize and there's a clear line of sight to what the future is going to hold. So we worked through that. But I guess my question is, how much liquidity is too much liquidity? Aecom Technology (ACM) Tops Q3 Earnings and Revenue Estimates. Many of these changes may accelerate innovation and digital transformation trends in our industry, which we are well positioned for. We are delivering on our commitments to simplify and derisk our business and expand our margins. So Sean, let me start off with that, and then I'll let Troy kick off any further color on the guidance. Yes, and Andy, you actually kind of summarized it in the sentence, which is our focus today in the current marketplace or market backdrop is focusing on our liquidity. And infrastructure spending is something that's top of mind for Democrats and Republicans, although you mentioned some of the Republican resistance. Yes. The governor has said they expect to start back by May 15, although they've asked us to put forth a plan to start even earlier, which we're working on. AECOM ACM reported second-quarter fiscal 2020 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same.Notably, the company witnessed the sixth consecutive quarter of substantial margin improvement in the Professional Services business, continued double-digit adjusted EBITDA growth, a record $9 billion of wins and a new all-time high backlog level. With the CARES Act and other measures taken, we have already seen historic levels of approved public funding. ... Aecom (ACM) delivered earnings and revenue surprises of -31.34% and -36.58%, respectively, for the quarter ended December 2019. Markets across Asia are beginning to normalize, and restrictions on movement are being reduced. So good question, Andy. Have you factored potential CM weakness into your guidance? Read full article. And we are, as we indicated, in discussions there to exit that contract. I guess first of all, Steve, is our cadence for providing guidance certainly on the next year is when we get toward the beginning of that year. Now the vast majority of our projects where work has been suspended, we continue to have our general conditions paid for by our clients, which covers our costs. And in fact, we're looking at opportunities where there could be consequences of the pandemic that could increase our margins. This was contemplated in our original guidance for the year. Andy, it's Troy. And then beyond that, we now have a lot of confidence that because of the impact of the virus and our ability for our workforce to work remotely, it also presents additional opportunity with respect to how we would change the dynamics of how people work and the impact that would have on our real estate portfolio. So for the time being, that's going to be our focus, but it is just a matter of timing, and we will then return to our stated commitment, which is maintaining our leverage target at two to 2.5 times and returning substantially all of our capital to shareholders, which means that we'll start buying stock under our existing repurchase authorization. I know you have you're in a position where you have a big backlog and only a handful of projects in 2008 were canceled. Yes. Our backlog in the Americas increased by 16% and set a new record. Underlying cash generation in the quarter was mostly consistent with our expectations, and we remain confident in achieving our outlook for the full year. And so that gives you a sense of what we saw. You just talked about the very small percentage of deferrals and cancellations. In April, utilization, NSR and profitability were ahead of our expectations, and we are ahead of our plan for the first seven months of the year. Just to pick up on that last bit of discussion about 2021, I fully recognize that most companies have pulled their 2020 guidance, let alone have anything out there for 2021. AECOM Q2 2010 Earnings Conference Call Transcript – 2010-05-06 – US$ 54.00 – Final Transcript of ACM earnings conference call or presentation, 6-May-10 11:00am ET AECOM at Bank of America Securities Merrill Lynch Industrials Conference Transcript – 2009-12-08 – US$ 54.00 – Final Transcript of ACM presentation, 8-Dec-09 9:00am ET AECOM latest news. Our confidence is supported by the highly cash-generative nature of our business, which remains unchanged, as well as the normal second half weighted phasing of our free cash flow. In addition, AECOM brought to the market two proprietary software packages built in EMEA but imported and tailored to U.S. requirements. Our updated guidance balances the near-term uncertainties posed by COVID-19 against the strong backlog growth and underlying momentum in the business. And then with that work, we've also developed a significant number of trigger points or levers, the adjustments that we make to react to what we might find, either it might be on a client basis or a project basis or even an office basis. In addition, we have recently closed on a $400 million delayed draw term loan. This allows us to operate with a high degree of certainty against a rapidly evolving landscape. Will Gabrielski -- Vice President of Investor Relations. So those are the that's the principal lever that we have. Now that's only 45%. Both the EMEA and Asia Pacific regions contributed to this improvement, with the benefits primarily from optimized overhead costs and the expanded use of best cost design and shared service centers resulting in increased profitability. Yes. Your line is open. Troy will take the first part of that. Randall A. Wotring -- Chief Operating Officer. And as we see the market stabilize, we'll become again, we'll become more confident about our ability to deliver against those future numbers. And do you think that federal help will all come in, in time to have the states avoid having any deferral of projects in a meaningful way basically over the summer in your fiscal fourth quarter? Mike, so that all sounds pretty good. But again, as we work our way through the year, our liquidity position will continue to improve. We're not seeing time lines move out. With the most talented workforce in our industry, I remain confident that the best days for AECOM are yet ahead. And we just continue to proceed on the path, and we expect margins to improve over the course of the year and even beyond this year into the future. So we're feeling pretty good. Trying to understand what, besides being overly conservative, the liquidity could be factoring into that. Yes, yes. We have won hundreds of millions of dollars of work already. And the transformation that we've been undertaken to convert to a Professional Services business has a lot of advantages that could position us quite well to consistently deliver on the financial performance we're talking about. So the stimulus money that might be brought to bear on the states in later in the year will just support the outlook for 2021 and forward. Is that going to prove any competitive advantage for you guys as you move forward as the customer base I'm thinking more on the public side but maybe even private as well, accelerate and adapt to the changes that we're seeing? This creates greater flexibility to manage our capital structure going forward. AECOM (NYSE:ACM) Q3 2019 Earnings Conference Call - Final Transcript Good morning, and welcome to the AECOM's Third Quarter 2019 Earnings Conference Call. Hi. As I look across the company, our strategic and financial position has never been stronger. Michael S. Burke -- Chairman and Chief Executive Officer. We did at the Investor Day give a guide. And even with this significant ramp that we've seen, with more than 90% of our employees, almost overnight, working remotely, our IT systems not only performed well but, as Mike said, provided us with a differentiator in the marketplace. We support change in infrastructure, and that is coming and will be accelerated by the impact of the pandemic. Disaster response work, it's field hospitals, treatment centers, medical stockpile facilities, global supply chain-type activity. And as you probably know, we spend almost $400 million a year on rent. Wins for the quarter totaled nearly $9 billion, a record for the Professional Services business. But I don't know how to handicap, but I'd hate to put odds on it, but I just feel it's more likely than not we're going to see stimulus activity deployed toward infrastructure. And then with U.S. stimulus, I mean I really hope you're right, but man, the Republicans seem to be putting up a big fight on any kind of Phase four or infrastructure stimulus. We're highly confident. I would like to inform all participants this call is being recorded at the request of AECOM. The Americas segment had a 15.6% adjusted operating margin, which marked a 160 basis point improvement over the prior year and was ahead of our expectations for the quarter. I guess first of all, Andy, just in terms of our guidance, when we look forward, typically, we have six months under our belt and we're forecasting the next six months of the year. Q2 2020 AECOM Earnings Call LOS ANGELES May 6, 2020 (Thomson StreetEvents) -- Edited Transcript of AECOM earnings conference call or presentation Tuesday, May 5, 2020 at 4:00:00pm GMT TEXT version of Transcript ===== Corporate Participants ===== * Michael S. Burke AECOM - Chairman of the Board & CEO * Randall A. Wotring AECOM - COO * W. Troy Rudd AECOM - Executive VP & CFO * Will … Please turn to slide 10. AECOM (ACM) CEO Troy Rudd on Q4 2020 Results - Earnings Call Transcript 3:18PM ET 11/16/2020 Seeking Alpha. Corporate News Date Title . Thanks gentlemen and stay healthy. This includes a more than $700 billion infrastructure investment program in the U.K., along with approximately $100 billion of stimulus funding in Australia and Hong Kong. And it's just been a bit slowed down and a little reluctant to make a precipitous change during the challenging times. And there certainly is an opportunity that we believe is accelerated by what the workplace of the future will look like to actually improve margins and to continue to build a path of improved productivity. Troy will then review our performance and outlook in greater detail before turning the call over for a question-and-answer session. And as you pointed out, it's dependent upon some of the key attributes of our business. It wasn't clients weren't willing to wait and see if we could work remotely. I would say that we have confidence in the things that are within our control. Contents: Prepared Remarks. AECOM Technology (NYSE: ACM) Q4 2018 Earnings Conference Call Nov. 12, 2018, 12:00 p.m. This is a timing-only impact, and our full year free cash flow guidance includes this collection. So even as there might be some project deferrals or as we can ramp up to take on certain types of projects to try and support the change that is certainly coming over the next month, it gives us the confidence that even in a dynamic environment, the agility or the adaptability of our business allows us and gives us confidence to be able to work through and achieve our guidance. So that's what gives us comfort ultimately in the guidance range even with a wide range of outcomes. And then maybe you can drill down a little bit more in your historic work you've done in New York City. And our 2021 plan was built on low single-digit revenue growth to achieve a 15% EBITDA growth in 2021. Thank you, operator. As a global company, COVID-19 has been a part of our daily routine since the beginning of the year. So how concerned are you that projects in that business could move to the right? This includes exiting underperforming businesses and markets, optimizing overhead, consolidating our real estate portfolio and expanding the use of best cost design and shared service centers. For instance, we now recognize how productive our employees can remain while working remotely. We completed the $2.4 billion sale of Management Services business in January. Right now, we're in a very comfortable liquidity position. But then just given the nature of the workforce, we have the ability to, again, adjust if there are dramatic changes in terms of workloads and rebalance work. Finally, the MS business delivered cash flow below our expectations for January, resulting in an approximately $130 million impact. Just any update that you could provide on that front? I'm going to try and simplify it and by simply saying that we gave free we gave cash flow guidance at our Investor Day. With that, I will now turn the call over to Troy to discuss our performance and business trends in more detail. Compliments on the quarter, a strong first half and a really resilient outlook for the year. And so far, the amount of money that's been that people are willing to spend in Washington on both sides of the aisle through the first round of the CARES Act, it seems like they're willing to throw just about any amount of money to get this economy restarted as soon as possible. And what would you expect to see moving forward? And again, as we reach a point where we start to see there'd be some more stability in the marketplace, it becomes just, as I said, a matter of timing where we will return and start buying back stock. The appropriate GAAP financial reconciliations are incorporated into our presentation where available, which is posted on our website. So maybe, Randy, you could give us a little overview on what we've done on the IT side. Zacks Investment Research - 2 months ago. In addition, our guidance includes an expected $15 million headwind from currency fluctuations. We are closely managing the at-risk business remaining at-risk civil business and preparing to go back out the market. Beginning in February, we built robust mitigation plans to assess different potential virus durations and impacts, put in place a freeze on new hiring and discretionary spending and instituted a global travel freeze. Can you just help me understand what the free cash flow you think you can generate from that $700 million next year? AECOM (ACM) CEO Mike Burke on Q3 2020 Results - Earnings Call Transcript. Yes. Any rebroadcast of this information in whole or part without the prior written permission of AECOM is prohibited. This includes a goal of achieving a 20% reduction in emissions by 2025 as well as a 10% reduction in emissions across our supply chain. Date / Time. And it was focused on the conversion of our earnings, EBITDA, to unlevered free cash flow. The last few months have impacted all of us in profound ways, and the resilience of our people inspires a great deal of pride. And half of our state and local spending in the U.S. comes from five states and California, New York, Texas the real big ones. Perfect, thank you. And what we've determined is that even with a wide range of different outcomes in terms of revenue during the second half of the year, that we have the ability to manage to stay within our guidance range. Your next question comes from the line of Michael Dudas with Vertical Research. And we are have made good progress over the last couple of years in getting rid of we got rid of our International Development business. As a result, backlog increased by 14% to a new all-time high of $42 billion, providing substantial visibility against an increasingly dynamic macroeconomic backdrop. So it's a long way of saying we certainly have confidence in the future because of the low single-digit revenue growth the revenue growth we had anticipated. It's all being done in a collaborative way. So again, supporting that bridge, in fact, is having us actually collect beyond what we expected in April, so supporting an improvement in working capital in the second half of the year. 01/04/21 AECOM completes sale of its Civil construction business and provides update on … We are seeing similar impacts from COVID-19 across other markets. Out of the shadow of AECOM, Amentum takes the spotlight. AECOM had a positive return on equity of 9.13% and a negative net margin of 1.41%. Logo of jester cap with thought bubble. The first is the virtual consultation software that Mike talked about that let us respond to U.S. federal asks to streamline permitting processes. It also provides benefit or think about it as a lever that has an impact on ultimately our results. Second, our Professional Services business has a highly variable cost structure. And our agility as an organization has proven to be a key competitive advantage as we quickly mobilized contingency plans for our people to support our clients in the face of unprecedented change. [Operator Instructions]. Q2 2020 AECOM Earnings Call LOS ANGELES May 6, 2020 (Thomson StreetEvents) -- Edited Transcript of AECOM earnings conference call or presentation Tuesday, May … Your guidance is implying like $700 million of free cash flow here in the rest of the fiscal year. AECOM (ACM) CEO Troy Rudd on Q4 2020 Results - Earnings Call Transcript Seeking Alpha Nov 16, 2020 Stocks To Watch: Spotlight On Nvidia, Walmart, JD.com And Nio Seeking Alpha Nov 14, 2020 We've had less than 1% of our projects have had some sort of deferral during the COVID crisis. In April, we won more than $200 million of work to deliver thousands of hospital beds in short order, and we are engaged with clients globally to provide additional services, including developing return-to-work strategies for our clients. Strength was broad-based and included a greater than one book-to-burn ratio in both segments, led by several large multiyear wins in the Americas.
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